Labaton Keller Sucharow serves as co-lead counsel in an action against Oak Street Health, Inc. (Oak Street or the Company), certain officers and directors of the Company, two private equity firm controlling shareholders and the subsidiaries in which they hold Oak Street stock, and the underwriters for Oak Street’s initial public offering and secondary public offerings. The action asserts claims under Sections10(b) and 20(a) of the Exchange Act of 1934 as well as Sections 11 and 15 of the Securities Act of 1933. The Class Period begins on August 6, 2020, the date of Oak Street’s Initial Public Offering.
Oak Street operates primary care centers that focus exclusively on patients that are Medicare eligible. Among other things, the action alleges that during the Class Period, Defendants made false and misleading statements and omissions to investors concerning certain of Oak Street Health’s patient acquisition tactics including paying for referrals and marketing free transportation to prospective patients. Lead Plaintiffs allege the false and/or misleading statements artificially inflated Oak Street Health’s stock price and when the truth was eventually disclosed, the price of Oak Street Health’s stock declined, resulting in substantial damages to the Class.
On January 10, 2022, the Court appointed Boston Retirement System, Central Pennsylvania Teamsters Pension Fund - Defined Benefit Plan, and Central Pennsylvania Teamsters Pension Fund - Retirement Income Plan 1987 as lead plaintiffs and Labaton Keller Sucharow as co-lead counsel. On February 10, 2023, the Court dismissed Defendants’ motion to dismiss in large part, leaving the majority of the claims intact and allowing the case to proceed to discovery. More than 3.5 million pages of documents were produced by the Parties and non-parties in connection with fact discovery and fact depositions were underway at the time of settlement.
On March 12, 2024, certain of the Parties participated in an in-person mediation session with a mediator, which did not result in an agreement. The mediator and the Parties spent two months continuing to negotiate a potential settlement. On May 16, 2024, the Parties agreed to settle the Action based upon a Mediator’s Proposal.
The case is Allison v. Oak Street Health Inc., No. 22-cv-0149 (N.D. Ill.). Labaton Keller Sucharow represents Boston Retirement System.
Submit Claim Form
If you purchased or otherwise acquired Oak Street Health publicly traded common stock from August 6, 2020 through November 8, 2021, both dates inclusive, including pursuant to or traceable to the registration statements and prospectuses issued in connection with Oak Street Health’s IPO on August 6, 2020, its December 2, 2020 SPO, and/or its February 10, 2021 SPO, and were damaged thereby, you may be entitled to a payment from a class action settlement. To be eligible for a payment, you must submit a Claim Form to the Claims Administrator by November 21, 2024.
Final Approval Hearing
A Final Approval Hearing was held at 11:00 a.m., on December 12, 2024, at the Everett McKinley Dirksen United States Courthouse, 219 South Dearborn Street, Chicago, Illinois.
If you have questions about the Settlement, please contact Labaton Keller Sucharow at settlementquestions@labaton.com; (888) 219-6877; or contact the Claims Administrator, toll-free at (877) 753-2587. Additional information about the Settlement can also be found at www.OakStreetHealthSecuritiesSettlement.com.
